https://www.taxtmi.com/caselaws?id=176364 The court ruled against the assessee, affirming the lower authorities' decision to treat unexplained cash deposits as undisclosed income and adding the amount to the assessee's taxable income. The court rejected the assessee's claim for peak credit, citing discrepancies in explanations and a pattern of suspicious transactions suggesting tax evasion. The judgment emphasizes the importance of credible explanations for cash deposits and genuine business transactions to avoid tax evasion allegations and liabilities. en-us Sat, 24 Feb 1996 00:00:00 +0530 Mon, 21 Dec 2015 10:57:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176364 The court ruled against the assessee, affirming the lower authorities' decision to treat unexplained cash deposits as undisclosed income and adding the amount to the assessee's taxable income. The court rejected the assessee's claim for peak credit, citing discrepancies in explanations and a pattern of suspicious transactions suggesting tax evasion. The judgment emphasizes the importance of credible explanations for cash deposits and genuine business transactions to avoid tax evasion allegations and liabilities. Case-Laws Income Tax Sat, 24 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176364